Legendary Investor Tom Gayner: If You Want to Be Happy, Avoid These Situations!

Tom Gayner is the CEO of Markel Group. In this conversation, Tom discusses investing, optimizing for comfort, the difference between good and bad debt, making decisions, and opportunity cost. Through stories and anecdotes, he reveals how we can use some of his hard-earned lessons to invest better and design a life to avoid our weaknesses.
Topics:
00:00 - Intro
03:22 - Lessons learned from Charlie Munger
06:35 - Quaker roots
09:07 - Win-win business
12:55 - Early career
26:27 - Opportunity cost
32:37 - Process vs. outcome
35:12 - The dot-com tech bubble
41:18 - The 2008 financial crisis
44:37 - Dealing with Emotions during high-stakes situations (selling and buying)
46:05 - Lessons from the financial crisis
48:03 - Debt and low-interest rates
58:44 - Thinking long-term in a short-term world
01:10:33 - How COVID impacted Markel
01:19:06 - Thoughts on Risk
01:22:20 - Compensation at Markel
01:24:27 - Qualitative mistakes Gayner makes with decisions
01:29:18 - Favorite biographies
01:33:10 - Simplicity and decision-making
01:41:00 - Interest rates and stock option counting
01:50:25 - Historical cost vs. present cost and EBITDA
01:58:29 - Why don't you ever sell?
02:03:50 - What is success?
Listen on:
Apple Podcasts: podcasts.apple.com/us/podcast...
Spotify: open.spotify.com/show/1VyK52N...
Follow:
Twitter: / shaneaparrish
Instagram: / farnamstreet
LinkedIn: / shane-parrish-050a2183
Get the newsletter:
fs.blog/newsletter/

[@tkppodcast]

Share your favorite part of the convo below 👇. If you enjoyed this episode, HIT that like button on the video! It helps us a lot 🙏

[@michaelfriend3990]

Great interview! Tom is great! Long live Markel!

[@mltlawyer]

Outstanding convo. Thanks, Shane!

[@Fahim_Lalani]

❤nice sorry to hear Charlie munger passed though

[@mmm-cake]

Nice interview dude sounds like a professional shiester 😂 hey whatever tho!